Valkyrie on Thursday launched a new Bitcoin leveraged product that aims to deliver 2x the daily performance of the Bitcoin Futures Index, marking its stake in Bitcoin leveraged products.
A fund called Valkyrie Bitcoin BTC
+0.26%
This comes just a month after the SEC approved a number of spot Bitcoin ETFs, including ETFs from Valkyrie, BlackRock, and Grayscale. This comes a few years after the cryptocurrency industry first began gaining acceptance.
“The launch of BTFX represents our commitment to providing investors with innovative options to access Bitcoin and the entire digital asset ecosystem,” said Leah Wald, CEO of Valkyrie. name. “With so much focus currently on Bitcoin, traders and investors are looking for ways to capitalize on this space using financial instruments, and as a leader in digital asset-focused ETFs, we wanted to offer them: . “It’s a great fund.”
join the ranks
The new fund will compete with: Volatility Stock 2x Bitcoin Strategy ETF, or BitXEric Balchunas, senior ETF analyst at Bloomberg, said in a post to X on Thursday:
“Valkyrie today launches $BTFX, a 2x Bitcoin futures ETF that will compete with $BITX, which already holds $350 million. That said, there are about 15 registered leveraged spot BTC ETFs, and one or two of them will gain popularity and make futures trading more difficult,” says Balchunas. said.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.